If you go to Europe to work and send funds home to your family living in the United States, this is known as a
A. service import.
B. merchandise import.
C. unilateral transfer.
D. service export.
Answer: C
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Economists find the notion of people "needing" things to be
A) supported by the law of demand. B) considered false. C) seriously misleading because they ignore substitutes. D) considered tentatively true until the preponderance of the data suggests otherwise.
In game in Scenario 13.8, what will occur if IVY Corp plays a maximin strategy?
A) $1, $10 B) $1, -$5000 C) $2, $0 D) $2, $2 E) There is a .25 chance of each outcome in that case.
Which of the following statements is not true?
a. If marginal social cost and marginal private cost are the same, any externality that exists will be positive. b. If marginal externality costs are not zero, externalities exist. c. An expansion of property rights to include air quality and scenic beauty would bring some private markets close to a socially optimal equilibrium. d. The existence of pollution as the byproduct of a production or exchange process indicates a market failure. e. When municipal water supplies have heavy concentration of agricultural chemicals, it is probable that agricultural output from the area is produced in quantities greater than the socially optimal level.
When it is difficult to assign and enforce property rights,
a. markets result in outcomes that are often inefficient. b. courts can easily negotiate efficient outcomes. c. establishing better property rights is always the best way to deal with environmental problems. d. government regulation can never improve on the outcomes generated by competitive markets.